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Following the Reserve Bank of Australia’s (RBA) recent rate cut announcement, Home Loan Experts (HLE) has experienced a significant surge in client engagement, with callback requests from existing clients increasing sevenfold.
According to the brokerage, overall client queries have jumped by 30 per cent since the rate cut.
Similarly, Think Mortgage director Kapil Virmani said he’s seen significant movement in investor clients looking to ensure they remain on competitive rates, with the rate cut serving as a “catalyst” for them to conduct health checks on their existing home loans.
Mortgage broker Ajar Rajbhandari said that most of the interest has come from existing clients eager to take advantage of the lower rates.
“They are interested in how they benefit from it; some are potentially looking for cash out,” he said.
Similarly, mortgage broker Siddhartha ‘Sid’ Bajracharya observed a sharp increase in refinancing interest.
“Existing customers have reached out to see if their rates are reduced and if other lenders offer better ones,” Bajracharya said.
While refinancing has been a key focus, some clients have also displayed a sense of urgency in purchasing property before affordability worsens further.
“A few clients seem to be in a rush to buy properties, speculating that they cannot afford it if they wait any longer,” Bajracharya said.
According to HLE, two of its pre-approved clients have already expedited their buying plans to capitalise on current conditions.
Senior mortgage broker Jonathan Preston has noticed renewed interest in premium markets, particularly in Melbourne and Sydney.
“Melbourne is on the move. There is also renewed interest in buying large Sydney multimillion-dollar properties. People have been asking me to work out how much income they need to get these $4 million houses,” he said.
Market data supports this sentiment, with CoreLogic reporting that property values in Melbourne and Sydney have begun to climb since the rate cut, reversing a year-long downward trend.
Beyond the immediate effects of the rate cut, HLE attributed part of the surge in engagement to its client outreach programs, including targeted email campaigns explaining the implications of rate changes, refinancing options, and long-term loan strategies.
With increased borrower interest and changing property market dynamics, mortgage brokers are playing a crucial role in helping clients navigate their loan options.
Whether through refinancing or new purchases, the latest RBA cash rate cut has certainly reignited activity in the housing sector.
[RELATED: Refinancing demand rises as rates drop]
